Alexikokopops Posted 7 October 2008 Posted 7 October 2008 Anyone else have an account with them? I'll have to claim compensation? ****s sake http://news.bbc.co.uk/1/hi/business/7656387.stm
Trav Le Bleu Posted 7 October 2008 Posted 7 October 2008 Sorry to hear that Kokopops. And this is what you get for doing the essentially "right thing" and leaving your money where it was. If everyone had done that, chances are that you wouldn't have this problem. Unfortunately, when Joe Public panics they create the very thing that didn't exist, but which they thought did, thus creating a real problem. Same happens when we had the petrol driver strikes a few years back and the mythical bread shortage of the 70s.
Daggers Posted 7 October 2008 Posted 7 October 2008 Anyone else have an account with them? I'll have to claim compensation? ****s sakehttp://news.bbc.co.uk/1/hi/business/7656387.stm Why did you hold an Icelandic online bank account in the first place? Did they offer something none of the others did? Only asking because prior to this thread I'd never heard of them.
Phube Posted 7 October 2008 Posted 7 October 2008 Why did you hold an Icelandic online bank account in the first place? Did they offer something none of the others did? Only asking because prior to this thread I'd never heard of them. Just what I was gonna ask... How the hell do you find these obscure banks... What's wrong with Barclays?
Babylon Posted 7 October 2008 Posted 7 October 2008 Just what I was gonna ask...How the hell do you find these obscure banks... What's wrong with Barclays? Icesave has over 300,000 people in the uk with accounts. It's well known to those who search these things out on the net. It's not like your money is actually abroad because it has a specialised uk part of the company. Which is effectively the one currently being hung out to dry by the icelandic government. I unfortunately have a HUGE amount of money in it, safe to say i'm currently shitting myself. If Gordon Brown rescues my money he's getting my vote, and I didn't think i'd be saying that.
Babylon Posted 7 October 2008 Posted 7 October 2008 Alex you may be interested.... this is from the mse (money saving expert) website. "STOP PRESS. Updated 17.30 Tue 7 Oct. Icesave temporarily stops withdrawals. Icesave is reported to have gone into technical receivership, meaning its assets have been taken over by the Icelandic government and it has effectively been nationalised (like Northern Rock was), see this FT article. We’re constantly speaking to Icesave, the Treasury and the FSCS to monitor the situation. All updates will appear here and be included in the free weekly email. While the bank has stopped withdrawals, that doesn’t mean it is now bust, though at best its probably a 50-50 likelihood. Here are the crucial points. * The bank is still operational. * No compensation arrangements have been triggered (this only happens if the bank isn’t still operational). * If compensation arrangements are triggered it will therefore have been after the new £50,000 level introduced today. * All UK savers are thus protected up to £50,000 per person in Icesave (£100,000 for joint accounts). * The first €20,000 (this may’ve been upped to €50,000 on some reports of a European meeting today) will come from the Icelandic compensation scheme. * If a claim were needed, it will probably involve filling out just one form to the FSCS, you would not have to write to Iceland. * If you have money in a cash ISA, whether you would be able to keep the ISA status isn’t yet clear. However after Northern Rock, the government ensured all ISA savers kept their status, even those who’d withdrawn money, so it is very likely. As for the strength of the Icelandic compensation scheme, there are reports, yet to be 100% confirmed, that the Icelandic government is promising to ensure all necessary compensation will be met and it will fund the scheme. Either way the Scandanavian countries have a reciprocal deal to protect the compensation schemes, so that should make it safe. We spoke to the Treasury this morning about whether, in the very unlikely event of the Icelandic scheme not being able to cover its obligation of the first, would it step in and make sure UK savers were covered for the whole £50,000? Late this afternoon it finally called to say "The UK government is working with the Icelandic government to protect UK savings up to £50,000", and we're hoping for more soon. We interpret this to mean that over and above that level, it's up to the Icelandic government"
Webbo Posted 7 October 2008 Posted 7 October 2008 I unfortunately have a HUGE amount of money in it, safe to say i'm currently shitting myself. If Gordon Brown rescues my money he's getting my vote, and I didn't think i'd be saying that. <Money Saving Expert> So are you covered Babs?
Babylon Posted 7 October 2008 Posted 7 October 2008 So are you covered Babs? Technically yes I am at the moment. The problem is the "passport" fund which is there to pay people back in such circumstances has a fund of £88 million. UK customers have £4.5 billion invested... it doesn't take a genius to see there is a huge shortfall there. Icelands economy could well fold completely in the current climate having to take on such debt, if that happened i'd get nothing. Unless our Government decides to guarantee the savings of the 300,000 uk citizens invested with them. They are currently in talks so fingers crossed that they can agree something. When the prime minister of iceland says "it's every country for themselves" you have to worry that us in the uk are being bent over and greased up, ready for a right seeing too.
Babylon Posted 7 October 2008 Posted 7 October 2008 Everyone is covered up to £50K Under FSCS scheme yes. Icesave fall under the Passport scheme though, for the first 16k you have to claim back from the icelandic government. The rest (upto 50k) can be claimed back from the UK's FSCS scheme. As I say, the problem is the icalandic economy is in the middle of a shit storm of epic proportions. The prime minister himself said country could go bust. If that happens then people won't get a penny from their passport scheme. ie if you have 16k in icesave you will get nothing. If you have 26k in icesave you lose the first 16k, but would get 10k back from the FSCS under their current regulations. The FSCS currently wants nothing to do with that first 16k.
Daggers Posted 7 October 2008 Posted 7 October 2008 Under FSCS scheme yes. Icesave fall under the Passport scheme though, for the first 16k you have to claim back from the icelandic government. The rest (upto 50k) can be claimed back from the UK's FSCS scheme. As I say, the problem is the icalandic economy is in the middle of a shit storm of epic proportions. The prime minister himself said country could go bust. If that happens then people won't get a penny from their passport scheme. ie if you have 16k in icesave you will get nothing. If you have 26k in icesave you lose the first 16k, but would get 10k back from the FSCS under their current regulations. The FSCS currently wants nothing to do with that first 16k. Not according to 4News and More4News tonight - seems as though the government is going to create a single claim form where it all gets amalgamated. And then there's always the fact that your money is still there mate - and the Ruskies are about to bail Iceland out of a big hole.
Alexikokopops Posted 7 October 2008 Author Posted 7 October 2008 Why did you hold an Icelandic online bank account in the first place? Did they offer something none of the others did? Only asking because prior to this thread I'd never heard of them. Just what I was gonna ask... How the hell do you find these obscure banks... What's wrong with Barclays? Icesave has over 300,000 people in the uk with accounts. It's well known to those who search these things out on the net. It's not like your money is actually abroad because it has a specialised uk part of the company. Which is effectively the one currently being hung out to dry by the icelandic government. I unfortunately have a HUGE amount of money in it, safe to say i'm currently shitting myself. If Gordon Brown rescues my money he's getting my vote, and I didn't think i'd be saying that. It had really good interest rates and always came highly recommended in the Money sections of newspapers. I've had money in it for about two years. Come on Russia and bail out Iceland. Alex you may be interested.... this is from the mse (money saving expert) website."STOP PRESS. Updated 17.30 Tue 7 Oct. Icesave temporarily stops withdrawals. Icesave is reported to have gone into technical receivership, meaning its assets have been taken over by the Icelandic government and it has effectively been nationalised (like Northern Rock was), see this FT article. We’re constantly speaking to Icesave, the Treasury and the FSCS to monitor the situation. All updates will appear here and be included in the free weekly email. While the bank has stopped withdrawals, that doesn’t mean it is now bust, though at best its probably a 50-50 likelihood. Here are the crucial points. * The bank is still operational. * No compensation arrangements have been triggered (this only happens if the bank isn’t still operational). * If compensation arrangements are triggered it will therefore have been after the new £50,000 level introduced today. * All UK savers are thus protected up to £50,000 per person in Icesave (£100,000 for joint accounts). * The first €20,000 (this may’ve been upped to €50,000 on some reports of a European meeting today) will come from the Icelandic compensation scheme. * If a claim were needed, it will probably involve filling out just one form to the FSCS, you would not have to write to Iceland. * If you have money in a cash ISA, whether you would be able to keep the ISA status isn’t yet clear. However after Northern Rock, the government ensured all ISA savers kept their status, even those who’d withdrawn money, so it is very likely. As for the strength of the Icelandic compensation scheme, there are reports, yet to be 100% confirmed, that the Icelandic government is promising to ensure all necessary compensation will be met and it will fund the scheme. Either way the Scandanavian countries have a reciprocal deal to protect the compensation schemes, so that should make it safe. We spoke to the Treasury this morning about whether, in the very unlikely event of the Icelandic scheme not being able to cover its obligation of the first, would it step in and make sure UK savers were covered for the whole £50,000? Late this afternoon it finally called to say "The UK government is working with the Icelandic government to protect UK savings up to £50,000", and we're hoping for more soon. We interpret this to mean that over and above that level, it's up to the Icelandic government" Cheers for that Babs. Money Saving Expert says it's very unlikely that the Icelandic Scheme is unable to cover its obligation so fingers crossed.
act smiley Posted 7 October 2008 Posted 7 October 2008 This financial crisis finally annoys me. I was just about to get a savings account with Kaupthing before Gritnir went tits up and destroyed everything in Iceland. Pretty irritating really, as I'd actually looked into the details of how they were doing and it basically came up as not bad as long as the rest of Iceland didn't go completely crazy, then it did. Landsbanki are basically ****ed though. How the chuff am I supposed to afford a sports car now eh? >
Raj Posted 8 October 2008 Posted 8 October 2008 Bad luck Alex,hope you get your cash back. I got shares in RBS which are now at under a pound. I wont say what i bought them at it brings tears to my eyes. This is very worrying times for people with investments. I blame those fcuking yanks.
Babylon Posted 8 October 2008 Posted 8 October 2008 BREAKING: Darling just said something like ""I have good news for Icesae savers, I will be making a full statement in the house of commons later. I want to reassure Icesave savers, we are very annoyed Iceland has chosen to default on its obligations and will be pursuing them vigourously. Yet we are determined to help saves and we will stand behind them and depositors to ensure they get their money. We can do something to help in these exceptional times""
The People's Hero Posted 8 October 2008 Posted 8 October 2008 Where is all this money for bail outs coming from? Are we to expect a huge tax hike next year? Hope it all works out for you both though - it brings it home doesn't it? Up until now it's been faceless corporations struggling but when it comes to people you know losing their savings... well, that brings it in to perspective on a really human level.
Tabou Posted 8 October 2008 Posted 8 October 2008 Where is all this money for bail outs coming from? Are we to expect a huge tax hike next year?Hope it all works out for you both though - it brings it home doesn't it? Up until now it's been faceless corporations struggling but when it comes to people you know losing their savings... well, that brings it in to perspective on a really human level. £50 Billion bail out. Costing each taxpayer £2000. So we have to pay to bail banks out, allowing them to start lending money to us again, with interest. Seems fair.
Ric Flair Posted 8 October 2008 Posted 8 October 2008 Icesave has over 300,000 people in the uk with accounts. It's well known to those who search these things out on the net. It's not like your money is actually abroad because it has a specialised uk part of the company. Which is effectively the one currently being hung out to dry by the icelandic government.I unfortunately have a HUGE amount of money in it, safe to say i'm currently shitting myself. If Gordon Brown rescues my money he's getting my vote, and I didn't think i'd be saying that. Shit, hope it get's sorted for you mate. You too Koko. Fair play to you chaps to actually have any savings in the first place, wish I had been able to do that. It's gonna be a fooker of a few years for us all.
The People's Hero Posted 8 October 2008 Posted 8 October 2008 £50 Billion bail out. Costing each taxpayer £2000. So we have to pay to bail banks out, allowing them to start lending money to us again, with interest. Seems fair. Who's going to bail me out?
Babylon Posted 8 October 2008 Posted 8 October 2008 Who's going to bail me out? If I get my money back i'll give you 50p.
Dr The Singh Posted 8 October 2008 Posted 8 October 2008 Who's going to bail me out? I'm thinking the same, I have no real savings etc, if I did I would be papping myself silly. The fact that banks\bankers can make loads of money when the going is good and then the going is bad be bailed out by the government to help them make loads of money again is abit of a joke!! Hence the banks can afford to take risks, with it's rewards at the publics expense!!
Phube Posted 8 October 2008 Posted 8 October 2008 I may sound left wing here *shudder* but I really oppose the: Privatised Profit Nationalised Debt Scenario...
Dr The Singh Posted 8 October 2008 Posted 8 October 2008 I'm on the verge of being in the shit myself. Maybe you should class yourself as a bank and get the government to bail you out!!!
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